IOC President Thomas Bach’s homeland of Germany also withdrew due to funding reforms he helped draft in 2020 to make hosting more streamlined and cost effective after the lavish 2014 Sochi Winter Games.

Under the terms of the deal announced Monday, the IOC will advance about $2 billion to the Los Angeles organising committee “to recognise the extended planning period and to increase youth sports programs leading up to the Games”.

Los Angeles City Council President Herb Wesson called the agreement a “win-win-win scenario”.

The opportunity to host the Games “is a golden occasion further strengthening Los Angeles – not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport”, Wesson said.